Multiple Copper-Silver Targets Confirmed On The Picha Project In Peru
September 21, 2010 (TSX Venture: LRA) - Lara Exploration Ltd., (“Lara” or the “Company”) is pleased to report encouraging results from reconnaissance work on its 100%-owned Picha Copper-Silver Project in southern Peru, where the Company’s field teams have outlined seven zones with anomalous copper and associated silver values.
During 2010 the Company contracted two field campaigns comprising geological mapping and collection of a total of 111 rock, 43 soil and 8 stream samples in follow up to work by the previous owner of the property that comprised 308 rock, 12 soil and 13 stream samples. Several mineral occurrences at Picha have been mined on a small scale from adits, shafts and small open pits. The most promising occurrences are Cobremani, Maricate, Timillo, Fundicion, Huancune and Cumbre Coya, which are all located in a three square kilometre area in the northern part of the property.
Andre Gauthier, President of Lara Exploration commented, “Picha has never been drilled and we are very excited with these preliminary copper results, which along with the widespread alteration, brecciation and vein stockworking, are indicative of the presence of a porphyry system at depth.”
Mineralization at Maricate and Cobremani is structurally controlled, while that at Cumbre Coya is stratabound; the other occurrences are as yet undefined. The oxidized mineralization sampled from the old workings comprised secondary copper minerals; predominantly malachite, azurite, chalcocite, chrysocolla, and chalcopyrite. Mineralization is associated with propylitic alteration, small zones of argillic alteration and opaline-quartz veining, stockworks and concordant replacements zones (“mantos”).
A total of 419 rock samples have been collected during recent field campaigns, with 11 reporting values over 3% copper; 37 reporting values over 1% copper; 53 reporting values over 0.5% copper; 69 reporting values over 0.1% copper; 85 reporting values over 500 parts per million (“ppm”) copper; and 174 reporting over 100 ppm copper. Molybdenum values were generally low, with anomalous values where present correlating with anomalous copper values. Silver values were also mostly low, but a total of 58 samples (or 19%) reported anomalous values, with good correlation with copper. Barium values were found to be high, with lead, zinc and arsenic also related with copper anomalism.
The Picha Copper-Silver Project is located within the prolific Tertiary Volcanic Arc of Southern Peru, host to various important low and high sulphidation epithermal systems as well as large skarn-porphyry deposits like Tintaya. The Company’s 6,000 hectare Picha Copper-Silver Project is adjacent to the joint-venture properties of Gold Fields Limited and Compañía de Minas Buenaventura S.A., where they have recently discovered the Gold-Copper Chucapaca Deposit with reported mineral resources of 5.6 million gold equivalent ounces. Mineralization at Chucapaca is hosted by a diatreme-breccia body at the sediment-intrusive contact. This contact is an important regional feature, which is also host to past silver producer San Antonio de Esquilache and the currently producing Tucari-Santa Rosa epithermal gold-silver district.
Quality Control and Qualified Person
The Company follows industry standard quality assurance and quality control procedures for all its samples, under the supervision of Noel Díaz, General Manager Peru and André Gauthier, P. Eng., President of Lara Exploration Ltd., who is the Qualified Person and responsible for the content of this press release pursuant to NI 43-101.
Lara is an exploration company following the Prospect Generator business model, which aims to minimize shareholder dilution and financial risk by generating prospects and then exploring them in joint ventures funded by partners. The Company currently holds a diverse portfolio prospects and deposits in Brazil, Peru, Colombia and China. Lara’s common shares trade on the TSX Venture Exchange under the symbol “LRA”.
For further information on Lara Exploration Ltd. please consult our website www.laraexploration.com or contact: Miles Thompson – CEO, or Andre Gauthier – President, at +1 604-669-8777.
Investor Relations: Julia Maxwell - +1 604-669-8777 Chris MacIntyre – +1 416 346-7660 or +381 63 571-425
Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.